Bitcoin rallied today, exceeding $52,000.
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Bitcoin prices have rallied lately, surpassing $52,000 after struggling near the $50,000 price level.
The digital currency rose to $52,636.22 earlier today, CoinDesk data shows.
At this point, it was up nearly 12% after falling to as little as $47,118.40 yesterday, additional CoinDesk figures reveal.
Since then, the cryptocurrency has pulled back slightly, trading mostly between $50,500 and $51,500.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Following these latest price movements, several market observers weighed in, offering technical analysis in order to shed some light on where bitcoin may go next.
“With this surprising move overnight to $52k, we may see further upside resistance at the $52,500 and $55k levels, and obviously again at $58k, as the market will test and discover how many market participants are willing to buy at that price,” said Constantin Kogan, managing director of Wave Financial Group.
“On the downside, weak support may be found in each key psychological level and ranges where high volume previously occurred, such as $50k, $48k, $44k, and ultimately $39k, strengthening as price lowers and becomes more attractive to a wider range of investors,” he added.
Kiana Danial, CEO of Invest Diva, also chimed in.
“Bitcoin has bounced off the $44K support level and is currently attempting to break above the Ichimoku cloud on the 4-hour chart,” she stated.
“While we have a number of medium-term bullish indicators, on the daily chart the Ichimoku indicator's Conversion moving average is just about to cross below the baseline moving average which indicates that we may see another round of bearish sentiment longer term,” said Danial.
“The key Fibonacci retracement levels tracing the uptrend that started in January 2021 and ended in February, are set at $47,174, $44K, $40K and $35,754 respectively,” she added, pointing out levels of key support.
“Due to Bitcoin’s volatile nature, there’s a possibility that we see a break above the all-time-highs and a visit to a new high at $67,810 before another pullback,” Danial concluded.
Alex Mashinsky, cofounder, chairman and CEO of Celsius Network, commented on the situation, pointing out multiple areas where bitcoin could potentially face heavy selling pressure.
“I see us facing some resistance once the price of Bitcoin reaches $57,500, but we will see a spike to the next resistance at $89,000 and as high as $160,000 before taking a pullback towards year-end,” he stated.
Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS.
